Skip to comments.Illinois’ credit rating downgraded; state drops to worst in the nation
Posted on 01/26/2013 9:47:57 AM PST by Perdogg
Illinois credit rating has taken another hit. Standard & Poors Ratings Service downgraded the state from an A rating to A-minus, making it the worst in the country.
(Excerpt) Read more at wgntv.com ...
Good. FU Rahm Emmanuel!!
They just need to apply Joe Biden’s solution to debt ... more borrowing and more spending.
Never let a good crisis go to waste, I wonder what he has planned to do?
I believe if you do the math, to make a $100 million paving job work...you’d have to figure in an extra $5 millon on top of the bond pay-back....because of your rating. Maybe it doesn’t matter to most folks in Illinois...but it means every single infrastructure job that you fund via bonds...means more taxes down the line in some fashion. Either you the business owner gets hit, or you the wealthy property owner, or you the company with a thousand employees.
The question I have...how would you ever get out of such a mess? If you chase your business operations off to Texas, and they won’t return...you end up looking like Paraguay in ten years...a third-world state.
Thank God the GOP controls the House..otherwise they’d be passing bills to have the federal govt “help out “ the states..
The cesspool that spawned Obama’s political career. What does that tell you? Now Obama wants to make Illinois dysfunctionality nationwide. I know 90% of Illinois Democrat criminality is in Chicago and the suburban and rural people cannot outvote that puss dripping sore
Nothing like keeping your head in the sand. The next line says the problem is debt to the state pension plans (which taxpayers are paying for).
IMO - it's all bullsh!t anyway!!
Yay, we won...the race to the bottom!
When Chicago collapses, they’ll be smelling the smoke all the way to Detroit.
hussein did such a good job in his home state that he moved up to the big time.
Land of Obama...Wisconsin and Indian to benefit from capital flight.
“you end up looking like Paraguay in ten years...a third-world state.”
If you’ve seen some pics of the sleazier inner city of Chicago..you’ll agree that city is almost there now. I just wish the downstate conservatives had more of a voice.
I read somewhere this means their rating is lower than some third world countries in Africa. Gotta get that info,,that’s just amazing..and believable!
From the state that brought you Bammy.
The other two major credit rating firms, Moody’s Investors Service and Fitch Ratings, have Illinois rated at 50th and 49th, respectively, out of the 50 states.
Among the state’s fiscal dilemmas is a $96.8 billion shortfall with five state pension systems, the Tribune said.
I’m sure Jesse Jackson will address this soon.
Hahahaha. Meanwhile, back in Texas...
Or. Central California.
If you want to dig it out, S&P Sovereigns Rating List has all countries listed. Enjoy!
All that crapola from Illinois Dem pols against WI. Gov Scott Walker certainly makes them look like the fools they truly are as their state crumbles down even further while under their domain. Look in the mirror first next time you lieberal dolts at the facts.
If the state constitution specified that, outside a few specific situations, the state or subdivisions thereof would always be free to default on debt with no recourse for the creditor except for specific property which was named as collateral for the debt, certain types of credit would have cost more but the state would be in much better financial shape. If a city needs to build a school, for example, and needs to borrow money to pay half the cost, creditors would face the risk that if the value of the building to the city's taxpayers were to fall below the value of the outstanding debt, they might be left having to try to salvage what value they they could from the building, likely taking a loss. Creditors wouldn't let the city borrow money in ways that would be overly detrimental to future taxpayers, since the risk inherent in such lending would exceed any possible payoff (the higher the interest rate, the greater the risk of default).
I’m sure Rahm is getting all of his executive bath houses in Chicago presidential makeovers with all the stimulus money so he can entertain Barry when he comes to town.
Schadenfreude. Payback’s a female dog. It sounds as if the cycle of communism is nearly complete there in the land of the leftists. They’ve gone straight to the poverty, crime, and starvation part. Pretty soon that cow will go udderly ;-) dry, and they’ll have to take over San Francisco or someplace where there are still people with a few dollars to rob.
I’m surprised that word of this even got out.